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Tesla's China-made EV sales drop 4.3% in November as rival BYD hits fresh record

companies :: 2024-12-03 :: source - reuters

By Reuters

BEIJING (Reuters) -U.S. automaker Tesla's (TSLA) sales of China-made electric vehicles fell 4.3% year-on-year to 78,856 in November, data from the China Passenger Car Association (CPCA) showed on Tuesday.

Deliveries of China-made Model 3 and Model Y vehicles recorded a 15.5% increase from the previous month.

Chinese rival BYD (BYDDY, 1211.HK), with its Dynasty and Ocean lineups of EVs and plug-in hybrids, hit yet another monthly record high with passenger vehicle sales up 67.2% year-on-year to 504,003 units last month.

Overseas shipments made up 6.1% of the total sales, per a company filing.

Tesla has ramped up China incentives at the year end with a time-limited 10,000 yuan ($1,375.89) discount on outstanding loans for its best-selling Model Y, as it lost ground amid a BYD-led cost-cutting competition.

SHANGHAI, CHINA - JULY 06: Tesla Model Y is on display during the 2024 World AI Conference & High-Level Meeting on Global AI Governance at Shanghai World Expo Exhibition and Convention Center on July 6, 2024 in Shanghai, China. (Photo by VCG/VCG via Getty Images)
Tesla Model Y at the Shanghai World Expo Exhibition and Convention Center on July 6, 2024. (VCG/VCG via Getty Images) · VCG via Getty Images

The U.S. carmaker extended zero-interest financing of up to five years for some Model 3 and Model Y cars in China by another month to end-December, the fifth such extension since it rolled out the scheme in July.

Tesla's share of the world's largest EV market shrank to 6% in sales terms in October, nearly half the September level and the lowest in a year, according to Reuters' calculations based on CPCA numbers.

(Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh, Editing by Louise Heavens)

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